Seoul Metropolitan Government to support blockchain startups via $1B innovation fund

The Seoul Metropolitan Government has announced that it will invest 1.2 trillion won ($1.07 billion) in startups by 2022 via an investment fund, CoinDesk reported.

The investment will be made via the Seoul Innovation Growth Fund, which was announced last year. The government seeks to support startups that struggle to attract seed or Series A funding, including those working with blockchain technology.

For the current year, the government is planning to invest a total of 21.65 billion won. Of this amount, 13.25 billion won ($11.75 million) will be invested in the first half across five segments: 2 billion won ($1.77 million) each will go to Fourth Industrial Revolution, Smart City, and cultural content projects; 2.25 billion won ($2 million) towards startup support; and 3 billion won ($2.66 million) into rehabilitation support.

Blockchain-based projects are expected to be supported among the 23 revolutionary technologies through the Fourth Industrial Revolution or Smart City allocations of the fund.

“Innovative start-up investment will be the cornerstone of corporate growth … in our society,” Jo In-dong, head of the economic policy department within the Seoul Metropolitan Government, said (as quoted by CoinDesk).

Earlier this month, blockchain project ICON has announced that the Seoul Metropolitan Government issued mobile letters of appointment to its Blockchain Governance Team using its public blockchain.